UFX Markets Review

UFX Review

Instrument Variety

Leverage: (200:1)

Scalping: Forbidden

Spreads: 4pips

Regulation: CySEC

History: 2 Warnings FSMA, CySEC

User Feedback:

Summary

UFX has sketchy regulatory history, a no-deal stamp from the ForexPeaceArmy, and has one of the widest spreads in the industry with fixed 3-4p. The user reviews are extremely negative here, and elsewhere. We recommend: avoid.

Regulation: Reliantco Investments Ltd. is regulated by CySEC of Cyprus.

Social Trading: N/A.

Support Options: Contact Form, Email, Live Chat and Phone.

Platform(s)

UFX Markets offers both MetaTrader 4 platform and the ParagonEx Trading platform. Many traders will already be familiar with MetaTrader 4, one of the most popular Forex trading platforms out there. While many brokerages offer the MetaTrader 4 platform to all their clients, only platinum customers are able to use MetaTrader 4 with UFX Markets. This means only those who have deposited $10,000 or more can use the MetaTrader platform. The alternative on offer is the Paragon Ex web trading platform. While the platform is a decent web trading platform, it is not as powerful as the MetaTrader 4 platform. It seems a shame that the MetaTrader platform is only available to those with Platinum accounts. At the present time it doesn’t appear that UFX Markets offers any Mobile Trading support.

The trading conditions on offer at UFX Markets aren’t particularly competitive, with the brokerage offering a fixed spread of four pips on the EUR/USD for those with Micro and Mini accounts. Those who have bigger accounts with the brokerage can take advantage of tighter fixed spreads, with those with Gold or better accounts being able to trade the EUR/USD with a 2 pip fixed spread. However the minimum deposit for a Gold account is $5,000. Also rather interestingly scalping isn’t permitted with traders being required to keep positions open for over a minute.

Instruments

Currency Pairings: 32 currency pairings.

Other Instruments: A range of Stocks, Indices and Commodities.

UFX Markets offers all the major currency pairings that the majority of traders will be looking to trade, however the range of currency pairings on offer is significantly smaller than the range on offer at other brokerages. It is important to note that the brokerage also offers a number of other instruments including Stocks, Indices and Commodities. While this adds diversity to the platform, the range of other instruments available on the platform is again still quite limited. I can think of a number of other brokerages that offer a wider range of trading instruments.

There are a number of negative reports regarding the service offered by UFX Markets, for instance ForexPeaceArmy is very negative regarding the firm. A number of different sources have alleged misconduct, though it should be noted that it very difficult to establish the validity of these claims. Those interested in depositing with the brokerage would be well served undertaking further research regarding the company. It should be noted that the brokerage offers a range of contact methods, including 24 Hr live chat and provide a number of international phone numbers.

UFX Markets previously traded under the name UFX Bank until 2011, when the brokerage became regulated by CySEC of Cyprus. Prior to re-branding of the company in 2011, regulators had released several warnings regarding the firm (FSMA of Belgium and CySEC of Cyprus). Of course these warnings became null when the organisation gained their CySEC license, allowing them to operate throughout the European Union in virtue of MiFID outward passporting. In 2013, the brokerage settled with CySEC of Cyprus for a total of 100,000 Euros for possible violations of the countries securities laws. The settlement meant that the brokerage did not have to accept any wrongdoing and CySEC considered the firm to have not breached the relevant regulation. According to Reliantco, the fine related to the “Company’s disproportionate high growth rate compared to its increase in personnel.” Source. The firm made assurances that they would expand their team of employees at their CySEC office. In addition to the reassurances made by the firm, CySEC stated they would ensure that the firm was complying with all the necessary regulation during their upcoming investigation of firm Source.While no further action has been taken against the firm, many traders will be wary regarding the firm.

Recently, UFX Markets has made the move to on-board new non-EU clients not to their CySEC regulated Reliantco Ltd. company but instead to a company based and regulated in Belize. Forex regulation is the jurisdiction of Belize is notoriously light touch, with the value of a licence from the regulatory authorities in Belize being very questionable. Those trading with the Belize based arm of the brokerage will be offered little regulatory protection and provides those outside the European Union another reason to avoid trading with the brokerage. Traders should be aware that they may not be trading with a EU regulated firm, something which is important to many traders.

Conclusion

Overall, UFX Markets fails to be competitive when it comes to spreads on it’s smaller size accounts. Many traders may also be wary of the firm due to the fact that the brokerage has a somewhat checkered regulatory record. There are also numerous negative reports regarding the company, though the validity of such claims is hard to establish – update:ForexPeaceArmy which we trust most consider UFX a scam.

What did you think of our UFX Markets review? If you have had experience with UFX Markets, please feel free to share.

Customer Reviews

30 thoughts on “UFX Markets Review”

i traded with ufx markets, and their feedback to my trading experience is great. i had many withdrawals, but 2 of them took a 1 hour delay. but they are fine in their trading signals and im yet trading . il hope it goes on the same 🙂

Alan is unlikely to see your reply. Your funds should be safe with UFX Markets as they are a regulated financial services company, but there have been numerous alarming stories regarding the brokerage, which have put some off the brokerage. I would suggest you spends some significant amount of time learning about Forex before depositing with any brokerage and look to read some really good resources on the subject. Forex is risky and thats something you should be aware of. I would also suggest you look into other brokerages who offer arguably better trading conditions and service.

I have requested to withdraw money from Ufx market yet I havenot got back in my account they just say wait more few days withdraw process taking too much even It is my first withdrawl without any profit if money doesnot come with in few days in my account I’m planing to go police station to get back my money and going to court to sue them

It’s sad to hear that your having trouble withdrawing your funds from UFX Markets. Unfortunately, I have heard of other having such issues. Keep pushing them to make the withdrawal and make sure you keep a record of the conversation. You may want to get into contact with CySEC and mention your problems with the firm. The regulator should take your complaint seriously, though it may take some time for them to act. Additionally, you could try and see if you can get your issue resolved by visiting forums such as Forex Peace Army, who have some success in sorting out traders issues. I hope that you manage to withdraw your funds quickly and without issue.

Hello , I had a withdrawal request from them 2 weeks ago , But Still They dint process . Did you get your money back ? I am planning contact FCA as well a case against them , But before that I like to know others experience .

hi there this is a wakeup call to me with ufx market they wipe off my account on the 06-02-2014 mr TOM MARKS told me that he wants to trade on my behave but what he did makes me mad and sick i remember on tuesday same week i wanted to withdraw money and phone me and ask me not to withdraw cos it is first week of monfarm i will withdraw following week so i pull back that withdrawal not knowing my accout today will be on minus question is if they are under fsp or fsb do fsb allow this company to trade on behalf of clients. and can someone help so that this brokers can close this scam ufx

I’m sorry to hear about the issues you have had with UFX Markets. Unfortunately, I have heard similar stories at a number of other websites. Remember to be very careful whenever someone offers to trade your account for you. You should certainly report your problems with the brokerage to CySEC, who are the organisation responsible for regulating financial services firms based in Cyprus. Additionally, you might want to see whether you can have your problems resolved by looking to post on a forum which helps consumers get compensation from brokerages that have treated them unfairly. I hope you can the situation resolved to your satisfaction.

Hi all, i just stated with them and i request the withdrawal and yet received. It has been two weeks. With all this negative comments, i am worry as well. Also, they have change my minimum trade from 10k to 600K. I told them not to and yet revert back to me.

Make no more trades etc. Keep requesting withdrawal and keep a record of all communication with the firm. If you deposited by Credit Card and it is within 30 days you can request a payback etc, especially if you provide your Credit Card company with all the relevant details. You may also want to consider complaining to CySEC etc. I hope that you manage to get your money out of UFX Markets.

Hi, I would keep of a record of things and possibly post on one of the FX forums where you can complain about brokerages. Some people get results this way. If you want to complain directly to CySEC, you can use this form found at their website: http://www.cysec.gov.cy/complaints_cifs_regulated_en.aspx

I would personally keep at it and make sure that you keep a good record of all your conversations etc. Hope you manage to get your withdrawal through!

Hi, I’m sorry to hear about your problems UFX Markets. I would suggest that you don’t raise the amount of funds in your account if you feel uncomfortable and you persist with attempts to withdraw your money, if that is indeed what you are trying to do. I would also suggest that you maintain a record of all your conversations with the brokerage, this is something that I recommend that all traders do, no matter who they are trading. Hope you manage to resolve your issues.

Hi, UFX Markets are regulated by CySEC of Cyprus, so in theory you have a certain level of protection when dealing with the firm. Despite this a number of people have complained about issues when trying withdraw their funds from the brokerage, while others have stated that they have no problem with UFX. I would remain vigilant and make sure you keep a thorough record of all conversations and transactions. Something which I would do when dealing with a brokerage or financial institution.

I would like to know if anybody here have a successful withdrawal request and if yes , How many days they have taken ? I am bit worried because I have some good amount of money in UFXmarket and I am really really worried

I was contacted by UFX employee Ebrahim Almansori ( [email protected] ) in May 2013 and persuaded me to pay $ 500 and I would get $ 150 in bonus. He was later contacted by a new acount manager called Shady Khaldy . He got all the money lost , and so he did not answer the phone anymore or mails !! Later, I talked about to pay only $ 100 and everything will change either normal again , the money was also lost , the åbende trading for my, and everything was lost incl bonus! So went there per day and then I was approached by the sweet lady called Joumana Adaw as say that Khaled is fired and she is theboss of all account managers and she will apologize for what happened, and she will bring my trust back to the market, and will prove that , I said that I will not and have not more money more . AS PROMISED SHE on HONOR she will replace all my losses in three days if I gave just 500 USD I agree, so she open one treading only and ALL money lost again ! like Joumana disappeared !!, no calling any more, no mails nothing. 🙁 She know i am a student and she take all what i have.

I do not understand what it is that you are complaining about . you guys have chosen to start up an account with them and then you YOU lose your OWN money you cry about it . I was trading with UFX from 2009 – 2013 I started with a $10,000 and ended up with a bit over $ 100,000. I decided to close my account due to some health issues.

On August 2015 one Jacob Knight called me up to ask how i was and if I want to start trading again . After about an hour conversation where he has explained to me all about their new risk management plan and the new platform they have launched on the first of this month ( he told me about it in advance ) I decided to deposit $ 20,000 and in 6 short months i made a profit of $ 80,150 with the help of Mr.Marks and Mike Junior . So before you run off and cry about the shit that is happening to you please make sure that it is not your own GODDAMN FAULT.

Other websites related to this company include UFX.com, UFXBank.com, and UBinary.com WARNING: This company has repeatedly submitted fake positive reviews for itself from their offices in Israel. They have now decided to leave fake customer testimonials in the FPA’s forums. The FPA recommends the highest level of caution dealing with this company. WARNING 2: UFX Bank claimed that they hired a black hat SEO company to do search engine optimization. They blamed that company for leaving the fake reviews. The FPA wonders what sort of broker would hire an organization like that and then allow a black hat organization to have direct access company servers. The FPA wonders just how safe client data would be under those circumstances. Click here to read more about these warnings. WARNING 3: There are now 3 guilty verdicts against this company in the FPA Traders Court. The FPA recommends against dealing with this company. November 2, 2012: SCAM CONFIRMATION The FPA now considers UFX Markets to be a scam. This company is hereby blacklisted by the Forex Peace Army. We recommend against opening accounts there. If you have an account there, we recommend withdrawing all of your funds immediately.

I lost 27500$ with UFX. They will push you to add more and more money and it will eventully go away. They will advise you to open very risk positions with no stop lose, you will make some money sometimes but you will eventully lose. I opened a bad silver trade and I was losing 3000$ I counsalted my account manager that I want to close the trade instead of losing more but he advised me to keep it open stating that the silver will go up again. I kept it open, I asked him again when I was losing 10000$ but he replied the same and asked me to put more money!!! I ended up losing 15000$ in one trade as my equity was going low and I decided to close the trade. I was also advised by my account manager to open 4 buy trades of 500000 GPBUSD which I did and then I lost every thing remining in my account. It is very risky to trade with this company. You will lose all your money.